人力资本投资-舒尔茨-英文.docx

Review,Vol.51 ,No. 1 (Mar., 1961), 1 -17.InvestmentinHumanCapitalTheodoreW.SchultzTheAmericanEconomicStableURL:httplinks.jstor.org/sici?sici=0002-8282%28196103%2951%3A1%3CI%3AIIHC%3E2.0.CO%3B2-4TheAmericanEconomicReviewiscurrentlypublishedbyAmericanEconomicAssociation.YouruseoftheJSTORarchiveindicatesyouracceptanceofJSTOR'sTermsandConditionsofUse,availableath(tp:/www.jstor.org/about/terms.html.JSTOR'sTermsandConditionsofUseprovides,inpart,thatunlessyouhaveobtainedpriorpermission,youmaynotdownloadanentireissueofajournalormultiplecopiesofarticles,andyoumayusecontentintheJSTORarchiveonlyforyourpersonal,non-commercialuse.Pleasecontactthepublisherregardinganyfurtheruseofthiswork.Publishercontactinformationmaybeobtainedathttp:/www.jstor.org/joumals/aea.html.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanindependentnot-for-profitorganizationdedicatedtocreatingandpreser,ingadigitalarchiveofscholarlyjournals.FormoreinformationregardingJSTOR,pleasecontactjstor-infbumich.edu.http:/www.jstor.org/WedJan1412:18:292004TheAmericanEconomicReviewVOLUMELIMARCH1961NUMBERONEINVESTMENTINHUMANCAPITAL*ByTHEODOREW.SCHULTZAlthoughitisobviousthatpeopleacquireusefulskillsandknowledge,itisnotobviousthattheseskillsandknowledgeareaformofcapital,thatthiscapitalisinsubstantialpartaproductofdeliberateinvestment,thatithasgrowninWesternsocietiesatamuchfasterratethanconventional(nonhuman)capital,andthatitsgrowthmaywellbethemostdistinctivefeatureoftheeconomicsystem.Ithasbeenwidelyobservedthatincreasesinnationaloutputhavebeenlargecomparedwiththeincreasesofland,man-hours,andphysicalreproduciblecapital.Investmentinhumancapitalisprobablythemajorexplanationforthisdifference.Muchofwhatwecallconsumptionconstitutesinvestmentinhumancapital.Directexpendituresoneducation,health,andinternalmigrationtotakeadvantageofbetterjobopportunitiesareclearexamples.Earningsforegonebymaturestudentsattendingschlandbyworkersacquiringon-the-jobtrainingareequallyclearexamples.Yetnowheredotheseenterintoournationalaccounts.Theuseofleisuretimetoimproveskillsandknowledgeiswidespreadandittooisunrecorded.Intheseandsimilarwaysthequalityofhumaneffortcanbegreatlyimprovedanditsproductivityenhanced.!shallcontendthatsuchinvestmentinhumancapitalaccountsformostoftheimpressiveriseintherealearningsperworker.Ishallcomment,first,onthereasonswhyeconomistshaveshiedawayfromtheexplicitanalysisofinvestmentinhumancapital,andthen,onthecapacityofsuchinvestmenttoexplainmanyapuzzleabouteconomicgrowth.Mainly,however,Ishallconcentrateonthescopeandsubstanceofhumancapitalanditsformation.InclosingIshallconsidersomesocialandpolicyimplications.*PresidentialAddressdeliveredattheSeventy-ThirdAnnualMeetingoftheAmericanEconomicASSOCiaIiOn.SaintLouis.December28.l96O.TheauthorisindebtedtohiscolleaguesMiltonFriodman,forhisveryhelpfulsuggestionstogainclarityandcogency,andHarryG.Johnsonforpointingoutanumberofambiguities.Number62ofaseriesofphotographsofpastpresidentsoftheAssociation.I. ShyingAwayfromInvestmentinManEconomistshavelongknownthatpeopleareanimportantpartofthewealthofnations.Measuredbywhatlaborcontributestooutput,theproductivecapacityofhumanbeingsisnowvastlylargerthanallotherformsofwealthtakentogether.Whateconomistshavenotstressedisthesimpletruththatpeopleinvestinthemselvesandthattheseinvestmentsareverylarge.Althougheconomistsareseldomtimidinenteringonabstractanalysisandareoftenproudofbeingimpractical,theyhavenotbeenboldincomingtogripswiththisformofinvestment.Whenevertheycomeevenclose,theyproceedgingerlyasiftheyweresteppingintodeepwater.Nodoubttherearereasonsforbeingwary.Deep-seatedmoralandphilosophicalissuesareeverpresent.Freemenarefirstandforemosttheendtobeservedbyeconomicendeavor;theyarenotpropertyormarketableassets.Andnotleast,ithasbeenalltooconvenientinmarginalproductivityanalysistotreatlaborasifitwereauniquebundleofinnateabilitiesthatarewhollyfreeofcapital.Themerethoughtofinvestmentinhumanbeingsisoffensivetosomeamongus.1Ourvaluesandbeliefsinhibitusfromlookinguponhumanbeingsascapitalgoods,exceptinslavery,andthisweabhor.Wearenotunaffectedbythelongstruggletoridsocietyofindenturedserviceandtoevolvepoliticalandlegalinstitutionstokeepmenfreefrombondage.Theseareachievementsthatweprizehighly.Hence,totreathumanbeingsaswealththatcanbeaugmentedbyinvestmentrunscountertodeeplyheldvalues.Itseemstoreducemanonceagaintoamerematerialcomponent,tosomethingakintoproperty.Andformantolookuponhimselfasacapitalgood,evenifitdidnotimpairhisfreedom,mayseemtodebasehim.NolessapersonthanJ.S.MillatonetimeinsistedthatthepeopleofacountryshouldnotbeIoOkeduponaswealthbecausewealthexistedonlyforthesakeofpeople15.ButsurelyMillwaswrong;thereisnothingintheconceptofhumanwealthcontrarytohisideathatitexistsonlyfortheadvantageofpeople.Byinvestinginthemselves,peoplecanenlargetherangeofchoiceavailabletothem.Itisonew